At 23.0% CAGR, the Europe Medical Device Connectivity Market is projected to be worth US$ 2,652.10 million by 2028, says Business Market Insights 

According to Business Market Insights’ research, the Europe medical device connectivity market was valued at US$ 765.88 million in 2022 and is expected to reach US$ 2,652.10 million by 2028, registering an annual growth rate of 23.0% from 2022 to 2028. Inclination toward home healthcare and growing penetration of electronic health record (ehr) or electronic medical records (EMR) are the critical factors attributed to the Europe medical device connectivity market expansion.                

The shift of point of care (PoC) from hospital to home provides good chances for better, consistent, and timely interaction between patient and doctor, making cloud and mobility-driven medical devices a foremost trend. Also, the COVID-19 crisis triggered the importance of AI in healthcare, which led to the growing emphasis on home-based care due to limited hospital bed capacity and a scarcity of skilled healthcare professionals. By monitoring the patient’s vitals remotely, healthcare professionals can avoid hospital admission if cases can be handled virtually, thereby reserving hospital beds only for patients requiring critical care. Home monitoring, often known as remote patient monitoring (RPM), has a subset of applications that have different requirements and frequency of data delivery, including monitoring chronic diseases and tracking patients’ health status. The bolstering numbers of connected medical devices, along with improvements in the systems and software that support capture and transmission of medical grade data, connectivity technologies and services, have given rise to the Internet of Medical Things (IoMT). Through IoMT, the connectivity between sensors and devices is expected to aid in real-time patient care, even remotely, thereby improving communication within and between medical facilities. Owing to the aforementioned factors, the Europe medical device connectivity market is expected to proliferate during the forecast period.

On the contrary, high risk of cyberattack hurdles the growth of Europe medical device connectivity market.    

Based on product and services, the Europe medical device connectivity market is segmented into medical device connectivity solutions and medical device connectivity services. The medical device connectivity solutions segment held 71.1% market share in 2022, amassing US$ 544.85 million. It is projected to garner US$ 1,837.71 million by 2028 to expand at 22.5% CAGR during 2022–2028.  

Based on technology, the Europe medical device connectivity market is segmented into wireless technologies, hybrid technologies, and wired technologies. The wireless technologies segment held 63.0% market share in 2022, amassing US$ 482.46 million. It is projected to garner US$ 1,700.69 million by 2028 to expand at 23.4% CAGR during 2022–2028.

Based on application, the Europe medical device connectivity market is segmented into vital signs and patient monitors, anesthesia machines and ventilators, infusion pumps, and others. The vital signs and patient monitors segment held 73.0% market share in 2022, amassing US$ 558.85 million. It is projected to garner US$ 1,968.18 million by 2028 to expand at 23.3% CAGR during 2022–2028.

Based on end user, the Europe medical device connectivity market is segmented into hospitals, ambulatory surgical centres, imaging and diagnostic centres, and homecare settings. The hospitals segment held 48.9% market share in 2022, amassing US$ 374.18 million. It is projected to garner US$ 1,268.83 million by 2028 to expand at 22.6% CAGR during 2022–2028.

Based on country, the Europe medical device connectivity market is segmented into the UK, Germany, France, Italy, Spain, and the Rest of Europe. Our regional analysis states that Germany captured 29.5% market share in 2022. It was assessed at US$ 225.55 million in 2022 and is likely to hit US$ 763.54 million by 2028, exhibiting a CAGR of 22.5% during the forecast period.    

Key players dominating the Europe medical device connectivity market are Cisco Systems Inc, Digi International Inc., GE HealthCare Technologies Inc, iHealth Labs Inc, Infosys Ltd, Koninklijke Philips NV, Lantronix Inc., Medtronic Plc, Oracle Corp, and Silicon & Software Systems Ltd among others.  

• In January 2023, Philips expands partnership to advance patient monitoring capabilities. Royal Philips and Masimo have expanded their collaboration to advance patient monitoring capabilities in home telehealth applications with the W1 advanced health-tracking watch from Masimo.

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